Loopscale says the attacker succeeded through two paths.
According to Loopscale’s monitoring, the attacker first exploited a misconfiguration in asset pricing parameters, causing collateral deposited in the SOL Genesis Vault to be misvalued as another asset and enabling approximately $412,000 in undercollateralized loans. The attacker then used a combination of atomic transactions to sell a loan with an abnormally high interest rate to the USDC Genesis Vault, artificially inflating its net asset value and extracting approximately $521,000 in redemption funds. The operation was blocked by the system within 30 seconds of the transaction being generated.
· The platform has restored priority lending. Loans can be repaid, except for loans funded by the USDC Genesis Vault. Withdrawals of collateral associated with that vault remain disabled, and vault withdrawals and other protocol functions remain restricted.
· Loopscale says users’ deposits will not suffer losses as a result.
Which would you check first: the resumption of vault withdrawals, or the explanation of how the two paths were fixed?
$SOL $USDC
According to Loopscale’s monitoring, the attacker first exploited a misconfiguration in asset pricing parameters, causing collateral deposited in the SOL Genesis Vault to be misvalued as another asset and enabling approximately $412,000 in undercollateralized loans. The attacker then used a combination of atomic transactions to sell a loan with an abnormally high interest rate to the USDC Genesis Vault, artificially inflating its net asset value and extracting approximately $521,000 in redemption funds. The operation was blocked by the system within 30 seconds of the transaction being generated.
· The platform has restored priority lending. Loans can be repaid, except for loans funded by the USDC Genesis Vault. Withdrawals of collateral associated with that vault remain disabled, and vault withdrawals and other protocol functions remain restricted.
· Loopscale says users’ deposits will not suffer losses as a result.
Which would you check first: the resumption of vault withdrawals, or the explanation of how the two paths were fixed?
$SOL $USDC
